Kingsoft Cloud Holdings Ltd ADR (KC)

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Why is Kingsoft Cloud Holdings Ltd ADR (KC) Stock down?

We've noticed a 7.85% decline in Kingsoft Cloud Holdings Ltd ADR (KC) stock during the 2024-04-12 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!

21 Nov, 2023:

Kingsoft Cloud Holdings Ltd Stock (KC) dropped by 12.34% from $5.51 to $4.83 in the trading on Tuesday November 21, 2023. The reason why KC stock down today is due to its missed third-quarter results. Central Garden & Pet's disappointed the market and investors, causing KC stock down today.

Revenue of $222.754 million, missing the consensus of $244.77 million. Revenues fell 17.5% Y/Y. Revenues from public cloud services decreased by 24.5%, and enterprise cloud services fell by 2.2%.
Adjusted earnings per ADS was $(0.18), missing the analyst consensus of $(0.17) loss. The decrease was mainly due to the proactive scale-down of services for content delivery network (CDN) customers and the phasing-out of loss-making clients.
Gross profit was $26.9 million, representing a significant increase of 60.3%. Q3 gross margin was 12.1%, compared with 6.2% in the same period in 2022.